Bitcoin and most of the top cryptocurrencies by market capitalization landed in the green on Thursday after the U.S. Federal Reserve raised interest rates on Wednesday.
See related article: Is Bitcoin really a hedge against inflation?
Fast facts
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The U.S. central bank hiked its benchmark interest rate by 0.25 basis points, for the first time since 2018, and anticipates further raises, according to a statement.
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The Fed said Russia’s invasion of Ukraine will likely create upward pressure on inflation.
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The crypto market reacted positively, with Bitcoin’s price crossing the US$40,000 mark and holding steady as of Thursday morning Asia time.
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Bitcoin is currently up 4.46% and trading at almost US$41,000.
See related article: Will Bitcoin and Ethereum make a comeback in 2022?